The dotted red line represents 50, the level at which retailers say they see neither an increase nor a decrease in business. The decline began this year after several months of improving results. The data is worrying because Europe generally had solid growth in 2016 until the UK voted in June to leave the European Union.

"July's decrease in retail sales was the seventh in as many months," according to Markit. "Moreover, the rate of contraction was sharp. The most frequently cited reason was lower footfall. Measured on a year-on-year basis, sales fell at the fastest rate seen since December 2014."

Economies are sometimes rescued by their consumers. When recession hits, consumers will often go into debt or spend down their savings, and the resulting activity — shopping — can restart growth (or at least shave off the rough edges).

But in Italy, where the banking sector is already fragile, shoppers are suddenly MIA, again.